Overview
| Objective | Seeks capital appreciation and, secondarily, current income. |
|---|---|
| Strategy | Invests in a diversified portfolio of equity securities of companies that represent excellent value relative to their current price. The Fund seeks a higher return than the market index over time as the stocks it purchases rise in price to more normal valuations. |
| The Management Team | The Fund is managed by the Equity Strategy Team, a group of senior-level investment professionals who average 38 years of experience. |
| Risk/Return |  In general, greater returns are associated with greater risks. |
Fund Statistics
| Inception Date | 03/03/97 |
|---|---|
| Ticker Symbol | CFVLX |
| Cusip | 200626828 |
| Minimum Initial Investment | $1,000 |
Commentary
Value equities posted solid gains during the second quarter as favorable economic conditions and resilient corporate earnings supported returns across several cyclical sectors. However, value stocks modestly underperformed growth equities as investor enthusiasm for artificial intelligence and technology-related companies fueled a strong rally in growth-oriented areas of the market. This theme led Information Technology to be the strongest performing sector, up a robust 86.6% during the quarter. Financials and Industrials were among the stronger contributors within the value universe, benefiting from steady economic activity and improving business confidence, while Energy returns softened as oil prices retreated from earlier highs. The Commerce Value Fund’s return of 7.65% underperformed the Russell 1000 Value Index return of 13.87%.
Stock selection detracted from the Fund’s performance. The Fund’s strongest contributors were KLA Corporation, Inc. (2.36%), Texas Instruments Incorporated (2.21%), and Monolithic Power Systems, Inc. (1.60%), returning 105.18%, 54.31%, and 26.62%, respectively. The Fund’s top detractors from what it owned were CME Group Inc. (1.40%), Amdocs Limited (0.92%), and Lockheed Martin Corporation (1.52%), retuning -24.85%, -21.68%, and -15.14%, respectively. The largest detractors came from not owning four semiconductor companies that had stellar performance. These include Micron Technologies (+241.67%), Intel Corp. (+216.41), Advanced Micro Devices (+185.56%), and Sandisk Corporation (+257.88%). Not owning these four stocks detracted 5.43% vs. the Russell 1000 Value Index.
The Fund’s sector allocation detracted from performance for the quarter. The Fund’s 0.86% underweight position in the Industrial sector added to performance as it was a weaker sector, returning 12.83%. The index had a 13.13% weight in the Industrials sector. However, the Fund’s 1.63% underweight position in the Information Technology sector hurt performance as it was a stronger sector, returning 86.64%. The Index had a 15.80% weight in the Information Technology sector.
| Total Fund Assets as of 6/30/2026 | $222,686,761 |
|---|---|
| Net Asset Value1 | $35.48 |
| Asset Allocation | |
| Equities | 99.7% |
| Cash | 0.3% |
| Weighted Average Market Capitalization | $434.3 billion |
Top 10 Equity Holdings2 as of 6/30/2026
| Alphabet Inc. Class A | 2.9% |
|---|---|
| JP Morgan Chase & Co. | 2.6% |
| Morgan Stanley | 2.6% |
| Eaton Corp Plc | 2.5% |
| Berkshire Hathaway Inc Class B | 2.4% |
| KLA Corporation | 2.4% |
| Bank of America Corp | 2.4% |
| Merck & Co., Inc. | 2.2% |
| Texas Instruments Inco | 2.2% |
| AbbVie, Inc | 2.2% |
Holdings and allocations shown are unaudited, and may not be representative of current or future investments. Holdings and allocations may not include the Fund's entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.